Mixed-use deal, and the parking garage was supposed to be a quiet cash cow. Turns out three-day-a-week office means a five-day-a-week garage runs half empty. The hybrid worker who isn't coming back doesn't just hit office NOI, they take the parking down with them. Anyone re-tenanting garages creatively?
Converting underused garage levels to storage or last-mile micro-fulfillment is the trendy answer. The boring answer is you over-assumed parking and that NOI isn't coming back.
Cap rates tortured until they confess, exit assumptions that age like milk, and the hybrid worker who isn’t coming back.
＋ New threadMarkets, deals, and the group chat — for people who read the footnotes.